If you’ve been following foreclosure news, you already
suspect that cashing in on foreclosed home opportunities in Metairie and New
Orleans must be getting more difficult. According to CoreLogic’s Insights
report at the end of last
month, foreclosure inventory across the nation had dropped 35% from a year
earlier. Whenever the number of available bank-owned homes shrinks, the
tighter market produces some predictable results: the best deals are usually snatched
up quickly with multiple offers and/or higher-than-asking prices, while questionable
deals—foreclosed homes priced over market or requiring too many dollars in
repairs—seem to predominate.
If you are investigating the market for foreclosed homes
in Metairie and New Orleans, that doesn’t mean you will have to settle for a
dubious acquisition. It does mean
that you should plan to do some tough-minded calculating (with a freshly
sharpened pencil)!
If you are newly interested in buying a foreclosed home in
Metairie and New Orleans (and some good ones are still coming onto the market),
experienced foreclosed home buyers tend to agree on some basic precepts:
1. Factor in All Costs
A very low price tag on a Metairie or New Orleans foreclosed
home is a tempting opportunity—and a signal that you’ll need to do more than
the usual amount of investigating. Especially in a tight market, a price that’s
lower than expected often signals a high degree of disrepair that will require a
great many improvements—ones the previous owners weren’t able to make. Such a
deal can still be worthwhile, but requires doing the research to determine what
kind of time and money it will take to make the place livable.
2. Offer
Your Best
Whenever the foreclosure market tightens, the properly priced
offerings begin to sell quickly. If so, when you find a foreclosure you know is
one you want, be prepared to write your best offer earlier rather than later. If
the home is attractively priced, it’s risky to go in low, hoping to nudge the
banks’ price lower. It will be worth spending the time to double-check the
comps and fine-tune your initial offer. If you don’t, it is increasingly likely
that someone else will.
3. Work
with a Specialist
Since all real estate agents don’t have the same amount of
experience, if you’re looking to purchase a Metairie or New Orleans foreclosed
home, there’s no substitute for working with someone who is well-versed in these
specific transactions. Not only will an experienced agent be able to help you identify
prospective buys, but dealing with the bank to successfully nab a foreclosed
home isn’t always a cut-and-dried process. It may take more than one attempt before
you succeed in writing a winning offer—but whatever it takes, it’s certain you’ll
be ahead of the pack when you have a knowledgeable pro by your side.
Thinking of buying a home this fall? Whether you’re specifically searching for
a foreclosed home in Metairie or New Orleans—or simply looking for your next
home—I’m here to provide the resources and up-to-the-moment information that
helps create winning offers!
View Homes For Sale in Metairie
View Homes For Sale in New Orleans
Terez B. Harris
Terez Harris NOLA Real Estate Group
Terez Harris NOLA Real Estate Group
(504)297-2619
www.TerezHarris.com
TerezHarris@kw.com
Search the MLS!
(multiple listing service)
Search Terez's Active Listings!
TerezHarris@kw.com
Search the MLS!
(multiple listing service)
Search Terez's Active Listings!
Terez B. Harris Terez Harris NOLA Real Estate Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.
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